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Monetary Policy, Market Excesses and Financial Turmoil

Ahrend, Rudiger; Cournède, Boris; Price, Robert W.R. - Economics Department, Organisation de Coopération et … - 2008

This paper addresses the question of whether and how monetary policy ease may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates have been persistently and significantly...

Persistent link: https://www.econbiz.de/10005045779

Speed of Adjustment to Selected Labour Market and Tax Reforms

Mourougane, Annabelle; Vogel, Lukas - Economics Department, Organisation de Coopération et … - 2008

This paper examines the nature and the length of economic adjustments to selected structural reforms, drawing on a variety of approaches: descriptive analysis and simulations using Dynamic General Equilibrium and macro-economic neo-Keynesian models. The descriptive analysis suggests that the...

Persistent link: https://www.econbiz.de/10005046200

Towards a Flexible Exchange Rate Policy in Russia

Beck, Roland; Barnard, Geoff - Economics Department, Organisation de Coopération et … - 2009

In the years preceding the onset of the global financial crisis, the Central Bank of Russia (CBR) had two goals: to reduce inflation and limit the real appreciation of the rouble. Given the strength of Russia’s balance of payments during the ten years through the first half of 2008, the de...

Persistent link: https://www.econbiz.de/10008498033

Have Long-term Financial Trends Changed the Transmission of Monetary Policy?

Cournède, Boris; Ahrend, Rudiger; Price, Robert W.R. - Economics Department, Organisation de Coopération et … - 2008

This paper addresses the question of whether and how long-term financial trends may have modified the transmission mechanism from monetary policy decisions to economic activity. The focus is on longterm changes, abstracting from the disruptions created by the 2007-08 financial turmoil which are...

Persistent link: https://www.econbiz.de/10005045625

Factors Behind Low Long-Term Interest Rates

Ahrend, Rudiger; Catte, Pietro; Price, Robert W.R. - Economics Department, Organisation de Coopération et … - 2006

Long-term bond yields have been low in recent years both in nominal and real terms, and . especially in the United States - they have reacted differently to shifts in monetary and fiscal stances relative to previous cycles. This article examines various possible explanations for this behaviour,...

Persistent link: https://www.econbiz.de/10005045683

Interactions Between Monetary and Fiscal Policy: How Monetary Conditions Affect Fiscal Consolidation

Ahrend, Rudiger; Catte, Pietro; Price, Robert W.R. - Economics Department, Organisation de Coopération et … - 2006

This paper assesses how and in what circumstances, fiscal consolidations are affected by monetary conditions, using data covering 24 OECD countries over the past 25 years, Focusing on fiscal consolidation “episodes”, it is found that these tend to occur when large budget deficits threaten...

Persistent link: https://www.econbiz.de/10005045818

Refining Macroeconomic Policies to Sustain Growth in Brazil

Mourougane, Annabelle - Economics Department, Organisation de Coopération et … - 2011

This paper identifies refinements to the macroeconomic framework that will help Brazil to achieve strong performance in … Review of Brazil 2011 (www.oecd.org/eco/surveys/Brazil).<P>Ajuster les politiques macroéconomiques pour soutenir la …

Persistent link: https://www.econbiz.de/10009350676

Interdependencies between Monetary policy and Foreign-Exchange Intervention under Inflation Targeting: The Case of Brazil and the Czech Republic

Mello, Luiz de; Moccero, Diego; Gnabo, Jean-Yves - Economics Department, Organisation de Coopération et … - 2008

paper uses a friction model to estimate intervention reaction functions and the associated marginal effects for Brazil and … findings are that: i) in both countries interventions occur predominantly to reduce exchange-rate volatility, while in Brazil … contemporaneous monetary policy in Brazil, but not in the Czech Republic, where both policies appear to be interrelated …

Persistent link: https://www.econbiz.de/10005046071

Explaining the Interest-Rate-Growth Differential Underlying Government Debt Dynamics

Turner, David; Spinelli, Francesca - Economics Department, Organisation de Coopération et … - 2011

The differential between the interest rate paid to service government debt and the growth rate of the economy is a key concept in assessing fiscal sustainability. Among OECD economies, this differential was unusually low for much of the last decade compared with the 1980s and the first half of...

Persistent link: https://www.econbiz.de/10009394362

Turkey's Improving Integration with the Global Capital Market: Impacts on Risk Premia and Capital Costs

Gönenç, Rauf; Sahinöz, Saygin; Tuncel, Ozge - Economics Department, Organisation de Coopération et … - 2010

Turkey has considerably improved its terms of access to the global capital market. Progress in macroeconomic fundamentals has enhanced credibility and reduced risk premia and capital costs. This has had broad effects on capital supply conditions in the entire economy. Real interest rates have...

Persistent link: https://www.econbiz.de/10008692918